London stocks are flowing to New York at an alarming rate - so what can be done?

As two major firms leave the City, government must show a better understanding of big business, says Chris Blackhurst

- Chris Blackhurst

Turn on the business news TV channels and the contrast is marked. If a story is from London it will be presented in sober, serious tones. Grey suits talking about grey suits. If it's from New York about a US stock, the piece will be excitable, suffused with passion. The presenters will be less formally dressed, almost certainly one of them will be a woman.

One place looks dreary and dull; the other is happening and energetic. As a metaphor for the difference between London and New York, the UK and US, it's always struck me as spot-on. The latter brings a dynamism to money-making that we more reserved Brits lack. You sense it as you stroll through Manhattan. The tops of the giant buildings are adorned with corporate names. The place reeks of power and might. In London, by contrast, such self-aggrandisement is frowned upon.

Our buildings are listed; we've got our heritage to preserve.

Likewise, I've always thought if I was boss of a new company that was on the up and looking for a stock market listing, I would choose New York every time. I would want to be part of that buzz, I would wish for that positivity to spill over into my brand.

It's not new, this split. Yet, for a long time, London and New York have been head-to-head, matching each other as the world's leading financial centres, like two fighters in a ring, slugging it out. Somehow, in the face of US razzmatazz and sheer muscle, dear old Blighty has managed to keep its end up.

Now, though, there is a feeling of New York pulling clear.